Ice Cream Base: Combine sweetened condensed milk and cocoa in a large saucepan. Over medium-low heat, cook and stir till smooth and creamy, about 3-5 minutes.

Whisk in the peanut butter until the mixture is smooth. Then whisk in the milk, heavy whipping cream, and vanilla. Cover and place in the refrigerator for at least 4-5 hours or until very cold.

Peanut Butter Swirl: Combine the peanut butter and powdered sugar in a small bowl. Stir until smooth. Chill while the ice cream churns.

Churn ice cream in an ice cream maker according to the manufacturer’s instructions until it is soft serve consistency 

In a freezer-friendly container, layer the chocolate mixture and dollops of the peanut butter swirl. Freeze for 3-4 hours, or until hard enough to scoop.